IMF slashes UK growth forecast and urges George Osborne to slow austerity
npower defends tax stance.
Tesco profits fall 52pc as supermarket group confirms US exit.
Guardian launches citizen journalism platform GuardianWitness.
** BANK OF AMERICA
Bank of America Corp’s Merrill Lynch has bolstered its adviser force in Massachusetts and New Jersey with four veteran hires from rival firms Morgan Stanley Wealth Management and UBS Wealth Management Americas.
** UBS AG
The Swiss bank is hiring Blackrock Inc’s German head Dirk Klee as chief operating officer of its flagship private banking arm from September, according to a memorandum seen by Reuters on Tuesday.
The wealth adviser appointed Jeremy Turrell as a wealth adviser in its Bournemouth office. Turrell joins from Lloyds Mayfair Private Banking.
The wealth division of Royal Bank of Scotland Group appointed David Lam as managing director and head of North Asia, effective May 29.
** BM&FBOVESPA SA
Brazil’s sole financial exchange operator named former Brazilian senior government official Pedro Parente as chairman on Monday, replacing Arminio Fraga Neto. Parente was a former chief of staff in the government of former President Fernando Henrique Cardoso.
** BROOKS MACDONALD INTERNATIONAL
Brooks Macdonald Group Plc’s stock broking services arm appointed Mark O’Connor as an investment manager at its Guernsey office. O’Connor was previously with Rothschild Bank.
** HEARTHSTONE INVESTMENTS
The specialist residential property fund manager appointed Adrian Gaspar, previously with Defaqto, as technical sales manager to lead the TM Hearthstone UK Residential Property Fund.